$ (ICP) Internet Computer -

[shameful existence]

So I've never heard of this until it became tradable on big exchanges. First I laughed at how bad the name and the logo were. But the more I learn about it, the less funny it seems. While the rhetoric behind the project is critical of tech giants, the action looks a bit like an attempt to replace them. That said, I barely understand 10% of how ICP is supposed to work and I'm not very tech smart.

The Internet Computer extends the functionality of the public Internet so that it can host backend software, transforming it into a global compute platform. Using the Internet Computer, developers can create websites, enterprise IT systems and internet services by installing their code directly on the public Internet and dispense with server computers and commercial cloud services. Enabling systems to be directly built onto the Internet is undoubtedly cool, but the Internet Computer is about more than this alone. It seeks to address serious long-standing problems that bedevil IT, including system security, and to provide a means to reverse and undo the ever increasing monopolization of internet services, user relationships and data, and restore the Internet to its permissionless, innovative and creative roots.

Official: https://dfinity.org/
Internet identity: https://medium.com/dfinity/internet-identity-the-end-of-usernames-and-passwords-ff45e4861bf7
Reddit community: https://www.reddit.com/r/dfinity/

Spoiler: A more critical introduction video

Spoiler: A less critical introduction video

Spoiler: Some youtube concerns

Spoiler: Some reddit concerns

Anyone holding ICP or having arguments for why it's a good idea?

 

[Picklechu]

I've been doing a bit of research on this since it started trading. It sounds like an interesting idea, but I haven't finished doing my due diligence, and as has been pointed out, there are absolutely some concerns. That being said, a guy in my program apparently paid his fall semester by selling it when it was up big a week or so ago.

 

[skiar]

Imagine buying I SEE PEE

 

[Spasticus Autisticus]

The description sounds like technobabble. Like what you'd get if you trained a Markov chain on press releases from failed tech startups.

 

[John Furrman]

The description sounds like technobabble. Like what you'd get if you trained a Markov chain on press releases from failed tech startups.

I have no idea what it's for either. It sounds like it's some kind of blockchain serverless architecture thing that perhaps runs some sort of smart contracts but with people's software code.

Isn't that what Ethereum is?

 

[Pissmaster]

Imagine buying I SEE PEE

I mean if that's the abbreviation they want to go with, more power to them. Doesn't help that the name sounds like a Lowtax joke, either.

 

[Spasticus Autisticus]

I have no idea what it's for either. It sounds like it's some kind of blockchain serverless architecture thing that perhaps runs some sort of smart contracts but with people's software code.

Isn't that what Ethereum is?

From reading more about it, it's a cloud computing platform except instead of deploying code to a server that has a flat fee based on instance size and uptime, you put a "canister" on the network, which is just a WebAssembly module. You pay for it with "cycles", obtained from the ICP token, to get the blockchain nodes to serve it, which then receive tokens as a reward.

You have no control over where your service is hosted. Since you pay with ICP tokens, which can have a wildly fluctuating value, forecasting spend becomes even more complicated than it already is with real cloud providers like AWS. Building a complex and scalable app using nothing but WebAssembly modules sounds like a giant pain in the ass. I can't see anything more complex than toy apps and resume-padders using this. If I went to my manager and tried to convince him to host our next service on something called "Internet Computer" and then explained it to him, he'd probably think I had gone insane.

 

[John Furrman]

From reading more about it, it's a cloud computing platform except instead of deploying code to a server that has a flat fee based on instance size and uptime, you put a "canister" on the network, which is just a WebAssembly module. You pay for it with "cycles", obtained from the ICP token, to get the blockchain nodes to serve it, which then receive tokens as a reward.

You have no control over where your service is hosted. Since you pay with ICP tokens, which can have a wildly fluctuating value, forecasting spend becomes even more complicated than it already is with real cloud providers like AWS. Building a complex and scalable app using nothing but WebAssembly modules sounds like a giant pain in the ass. I can't see anything more complex than toy apps and resume-padders using this. If I went to my manager and tried to convince him to host our next service on something called "Internet Computer" and then explained it to him, he'd probably think I had gone insane.

Thanks for elaborating. Yeah that does have a neat factor to it, as WebAssembly can be used to make quite a few things. If you needed to host a serverless program function on the internet, have it be hard to take down because it's decentralized, and in scenarios where speed doesn't matter, the Internet Computer might come in handy.

Maybe you could make a serverless function that works as a sort of reverse proxy for your server that you want to keep hidden and not have to host the code on places where, say, governments can influence it

 

[Liber Pater]

So in order to interact with the Internet Computer you need to have a single ICP "identity" tethered to a piece of hardware that will be tied to every service you use in the ICP ecosystem, with no compartmentalization? And all of the nodes are being run off of a small number of centralized servers? Closed source code? And did I mention that this is backed by the WEF and promotes the use of IMF international currency (it sounds like the conversion of ICP to cycles is denominated in Special Drawing Rights)?

The more I read about this, the more nightmarish it sounds.

 

[Blamo]

So Bitcoin gets attacked by the media, but suddenly this one appears and it's praised by the media?
SUS

Also this isn't just Ethereum, but fake and gay?

So in order to interact with the Internet Computer you need to have a single ICP "identity" tethered to a piece of hardware that will be tied to every service you use in the ICP ecosystem, with no compartmentalization? And all of the nodes are being run off of a small number of centralized servers? Closed source code? And did I mention that this is backed by the WEF and promotes the use of IMF international currency (it sounds like the conversion of ICP to cycles is denominated in Special Drawing Rights)?

The more I read about this, the more nightmarish it sounds.

Wouldn't be a global biometric digital id system joined to your financial life be a funny prank? Normalfags will eat it up because they are too lazy to carry a plastic card but "i can use my retina lol". Of course because it's block chain your history will be stored forever. lol

Of course that's just speculation.

https://www.weforum.org/videos/21909-this-fingerprint-id-system-is-saving-lives-in-developing-countries

The Known Traveller: Unlocking the potential of digital identity for secure and seamless travel

Is a Known Traveller Digital Identity the disruptive innovation the global travel security ecosystem needs? The cross-border movement of legitimate travellers has for decades enabled and sustained international trade, tourism-driven economic growth and increased tolerance across cultural and...

www.weforum.org

etc.

It's not like these ideas and cashless society and social credit systems/carbon quotas/memeflu passes will ever cross in concept.
(Now I gotta go and find my meds.)

 

[serious n00b]

 

[shameful existence]

If you're feeling bad about your coins in these hard times, turn on notifications for ICP. It has lost 95% of its value from the ATH. Dfinity reddit slightly neurotic, their and Dominic's Twitter bombed, but a lot of people have good things to say about the technology. I may get some if it goes below 10 USD.

 

[Spasticus Autisticus]

To me, sounds like they’re slowly redistributing voting power to the community.

LOL, what a cope. This project is trash and this shitcoin is going to zero. Cool, he put some HTML up, now build a backend with session state and a persistent database all inside WebAssembly modules, scale it to production quality and tell us how great this “Internet Computer” is.